Warning of banking job cuts

The Policy Committee says more jobs are coming to the island

A leading figure in Jersey's finance industry says more jobs will be lost in the sector.

John Harris, from the Policy and Resources Committee, said 200 people lost their jobs from the banking sector between December 2002 and June 2003.

About 12,000 work within the island's financial sector, which has been affected by downturns in a number of areas, including the stock market and hi-tech industries worldwide.

Mr Harris said more jobs would be lost over the next few years as companies and banks cut costs, but he said he was hopeful the industry would not suffer in the long-term.

He said although for Jersey the 200 job losses might seem a lot, they were relative compared to job loss numbers in the UK recently, particularly in the City of London.

He said, despite the problems, new firms were coming into Jersey and different jobs were being created which would help the island's economy.